Emeria : Less M&A and more savings to avoid rating downgrades

Emeria was particularly aggressive in terms of M&A in 2022. The group paid a high price for the FirstPort acquisition, in contrast to its historical policy of opportunistic acquisitions. Net leverage reached a high level (6.9x), at a time when the group has less capacity to de-lever. On the one hand, demand is waning in certain segments (rental management and brokerage), even if the recurring revenues from joint property management provide satisfactory visibility. On the other ha...